Interest in buying Bitcoin in search engines seems to be lagging behind the growth in cryptocurrency prices. A careful study of the trend of search queries over the past month reveals that the phrase “buy bitcoin” tends to increase only after the growth rate of the main cryptocurrency.
The data from Google Trends demonstrates this :
As can be seen on the graph, the interest in the phrase “buy bitcoin” reached its peak on April 3, reaching the level of 100 in Google Trends. This is the highest value for this period.
On the same day, Bitcoin was trading at about $ 5,300, which is 26% higher than two days ago, when its price was about $ 4,200.
Comparison of both graphs shows that interest in buying bitcoins decreases when the price falls. In other words, it turns out that people are more willing to buy Bitcoin in a period of growth, not fall.
This may indicate an unwillingness to miss a further price increase, sometimes referred to as the loss of profits syndrome (FOMO). Falling interest in buying at lower prices is further evidence in favor of this statement.
It is interesting to note that the Top 5 countries in which the popularity of search queries for the word “bitcoin” tripled in the rally period included :
- Nigeria,
- Netherlands,
- South Africa,
- Austria,
- Switzerland.
In any case, the growth potential of bitcoins is obvious, since only 405 days are left to the halving . The asset is built on a deficit model, since the volume of its emissions, in contrast to the US dollar or other fiat currencies, is limited.
Publication date 04/16/2019
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